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tv   Asia Business Report  BBC News  November 24, 2023 12:30am-12:46am GMT

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let's begin with the two separate stories that rocked the technology industry this week. on tuesday, the boss of the world's biggest crypto exchange, binance cz, quit after pleading guilty to money laundering charges in the us. the next day, a week after being sacked, sam altman returned as the boss of openai. earlier, i spoke to founding partner of technology investment firm in capital, jennifer zhu scott. she told me the drama at openai resulted from a bigger underlying conflict between public and corporate interests. so much to unpack, in terms of what happened at openai. i think this drama in the past few days ultimately really showed the tension between... our society has been really impacted and influenced and controlled by technology.
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a certain part of those digital services are supposed to be public infrastructure, they are governed by nonprofit, and yet there is so much capitalistic approach to control of the commercial aspect and commercial potential of this technology. i think that openai saga was... the fundamental tension is really between the nonprofit mission versus for—profit. of course, there's a lot of nuance between those, in terms of how the board handled this whole situation, including, actually, what technical concerns that the board has seen to compel them to press the panic button. last night, overnight, ijust woke up to a lot of discussion in terms of 0 star study, and we can unpack that a little bit more, but overall i think the most important question we need to ask is, what kind of technology, what kind of digital service should be governed by nonprofit
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and regarded as public service and what kind of technology should be controlled by a handful of shareholders and commercial service? let's zoom in on binance now, because the cryptocurrency —— this is the latest crypto scandal. it marks the latest major scandal for the industry, which is still reeling from the collapse last year of rival crypto platform ftx and the conviction for fraud of its founder sam bankman fried this month. our next guest, justin d'anethan from digital assets firm keyrock, has been watching the developments closely. thank you so much forjoining us on the programme. firstly, what has been the reaction from the binance leadership change? what is your reaction there? sure. from a market perspective, what is remarkable is that most participants have been somewhat unfazed, citing the crypto space, it is very much business as usual regardless of how it might
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sound from the outside perspective. besides withdrawals that were taken out of binance, about1 billion so far, the exchange itself keeps being operational, it is still the largest trading venue, bar none, in terms of products or users or volumes, and so most participants are not changing their behaviour. maybe the one dynamic you would inspect to see is that other exchanges would take the opportunity of this new cycle to solidify their position, right? for example, ocx, often seen as the exchange just after binance, probably be a bit more aggressive in terms of use or acquisition or product develop it or other endeavours in order to satisfy their spots while binance is suffering, let's say. binance is suffering, let's sa . , , ., say. interestingly, the value of major _ say. interestingly, the value of major capital _ say. interestingly, the value of major capital currencies, | of major capital currencies, they have not really moved either, and you talked about the withdrawal which there was some, but compared to ftx, it is kind of nothing —— crypto
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currencies. why is that? is kind of nothing -- crypto currencies. why is that? there is a very simple _ currencies. why is that? there is a very simple expedition. in| is a very simple expedition. in the case of ftx there was something fundamentally wrong with the management and the operations of the exchange, which were playing out module in. funds were taken out and so essentially everyone went for a bank run and took their samples to be the case of binance the issueis to be the case of binance the issue is not about the exchange of the platform itself, but more about the compliance and revelatory practices of management and different users that were accepted on the platform, but it does not come as a shock and it does not really impact the functioning of the exchange itself, an analogy i've used when describing this issue is if you think about traditional finance and large banks, think of maybe hsbc, an example, maybe they would pay fine for bad behaviour but it does not mean that stocks as a whole need to go down or even that the banking sector as a whole is suffering. they pay the fine and that they can carry on and maybe improve their practices. i think that is a similar case thatis i think that is a similar case that is happening here with
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binance. �* , , ., ., binance. and briefly, what do ou binance. and briefly, what do you make _ binance. and briefly, what do you make of _ binance. and briefly, what do you make of the _ binance. and briefly, what do you make of the new- binance. and briefly, what do | you make of the new boss, the singaporean boscojell—o i singaporean bosco jell—o i think it singaporean boscojell—o i think it is very positive —— the singaporean boscojell—o it is a good choice. the new ceo is much more a traditional finance savvy and in touch with regulators and regulations in general, so he would probably take binance in a very good path moving forward. a very good path moving forward-— a very good path moving forward. , , �* ~ ., forward. justin d'anethan, thank you _ forward. justin d'anethan, thank you so _ forward. justin d'anethan, thank you so much - forward. justin d'anethan, thank you so much for- forward. justin d'anethan, i thank you so much forjoining us on the programme today. today is the biggest shopping day of the year in the us and around the world — black friday. the retail sector has a lot riding on how much american consumers want to spend in the next 2a hours or so. and while the us economy shows notable signs of strength these days, people are still feeling the impact of inflation and high borrowing costs. erin delmore caught up with the boss of retail chainjcpenney. we do see that our customers are absolutely facing the headwinds of inflation. and so there's a number of things we're doing.
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first of all, it's offering them those pre—inflation prices. so we looked at hundreds of holiday items and black friday items and we're offering those at the same or lower price than last year. the other thing that we're doing is helping them on the credit side, because we know that's also important to them. and so starting december 1st and running through december 24th, we're running a special promotion that's in store only. and when a customer spends more than $250 for their basket, they'll be able to have that and carry that for six months interest—free. they'll make six equal payments, but it will be interest—free. and when you talk about those pre—inflation prices, who's absorbing the difference in cost there? because i know the prices themselves haven't come down. i think one of the advantages that we have is we have a lot of really great brands that are our private label brands — brands like stjohn�*s bay, brands like liz claiborne, brands like cooks in our home electrics.
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and because of that direct relationship that we have with our factories, we're able to go back and negotiate with our factories to get a lower cost and then to pass that lower cost on to our consumer. what can you tell us about the sentiment of the american consumer? one of the big trends that we've seen this year is that people are going to be entertaining more and leaning more into entertaining. and so one of the things that we've done for them is customers are saying they're spending on average $300 to entertain in their home on the things they need, and so what we did is we went out and said, "you know, "we can help you entertain for a lot less than that." jcpenney is one of the most storied brands in american retail, but it's also one of the most notable recent bankruptcies. so how are you going to lure shoppers back tojcpenney to make it a viable business? in september, we launched a $1 billion reinvestment, a self—funded reinvestment plan into the business. and we did that along with launching our make it count campaign. since we've done that, we've seen our organic search
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and our google searches have gone up significantly. we launched our early black friday event november 3—5, and we had a really strong event with a big increase in traffic in stores. so what we're seeing is the customers are realising and seeing again the value and the great items and the great brands that they can get atjcpenney, and they're coming back to shop. over the years, the black friday shopping fever has caught on all over the world. and just like in the us, uncertainty about the global economy could cast a shadow over the event. earlier, i spoke tojess tang of the consumer trend forecasting firm wgsn. she told me despite the growing popularity of online shopping, the brick and mortar, in person retail experience is stilljust as important. what we are seeing is brick—and—mortar is definitely rebounding, and when it comes to the shopping experience, in person brick—and—mortar experience is still as
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important, because shoppers are seeking pleasure, excitement and simulation. we call them the sensory adventures. and because a market such as hong kong, who hasjust come up off the covid i9 earlier this year, the covid i9 earlier this year, the upcoming christmas holiday is actually the first christmas since the pandemic, and also there is also the sense of cost of living, all the doom and gloom and future uncertainty, people just want to escape and so getting to a brick—and—mortar, in person experience is important because they are wanting this strong sense of excitement and have a strong anticipation for the holidays. so what we are seeing is brick—and—mortar is definitely rebounding and super important. but that said, digital experiences are still very, very key, and the key is they go hand—in—hand with each other. well, speaking of high inflation and high borrowing costs, turkey's central bank has raised its main interest rate to a0%.
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it's part of a concerted campaign to tame soaring prices. but turkey's central bank suggested rates were approaching the level required to start having the desired effect. inflation is forecast to rise further and peak in may next year at around 70 to 75%. that's it for this edition of asia business report. i'll be back with newsday at the top of the hour, so join i'll be back with newsday at the top of the hour, sojoin me if you can, but thank you very much for watching. bbc news — bringing you different stories from across the uk. at the central methodist hall in coventry, volunteers have come together to put on the £1 panto. it's called cinderballer and is a take on cinderella. but the twist here is she wants to play football rather than go to the ball. # like a diamond in the sky... #. cinderballer, she is poor and she has an evil stepmum and she has dreams of being a massive football player.
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and the dream is to show young kids and everyone else that anyone can follow their dreams. gareth southgate and serena wiegman, the national team coaches, are in the cast. european champions and world cup finalists this year! and i manage the men's and we've won... - anyway, so... and there's support from local semi—professional players. it's putting out there that you should believe in yourself, no matter what people say to you. so just block out them haters and listen to yourself and good people around you. we're still trying to head in the direction that the men are in, and that's where essentially we want to be. cinderballer runs from december 4—9 and details of how to go are on fridays' social media accounts.
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hey, i'mjulia with the catch up. tonight, a skinnyjab raid, a dramatic rescue, and girls aloud come back. but first, in gaza, there'll be a pause in fighting starting from friday morning. that's what officials from qatar say. they've been working to get a deal agreed between israel and hamas, the group that controls gaza who the uk government have labelled terrorists. also in the deal, hamas is set to let 50 hostages go, 13 of them on friday. and in exchange, 150 palestinian women and teenagers will be released from israeli jails. some other stories now. a man has been arrested in connection with a black market of so—called skinny jabs. police raided a house in humberside and found vials of knock—off ozempic, a diabetes medicine that's been dubbed the hollywood weight loss drug. it's illegal to sell it without a doctor's prescription.
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a crane operator has rescued a worker from a huge blaze in reading. videos on social media show the man climbing into a metal cage and being airlifted away from massive clouds of smoke. and girls aloud are back after an 11—year break. they've announced a big reunion tour happening in may 2024 dedicated to their band—mate sarah harding, who died of cancer in 2021. and we'll leave you with ten seconds of the biggest animal on earth. so blue whales are heading back to the indian ocean, where they were totally wiped out by whalers. back in the 1960s. researchers and documentary makers caught this footage of them near the seychelles. you're all caught up now. have a good night.
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hello, welcome to sportsday with me, hugh ferris. our top stories: djokovic dominant in a different setting. he sends serbia through to the davis cup semifinals. 12 teams, three spots — wales are one of those teams who now know their path to a place at euro 202a. we've proven time and time again, at home,
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with the red wall behind us, that we're capable of getting fantastic results and fantastic nights, so we're hoping for two big efforts. a rare underdog seeking revenge. katie taylor says she's ready for her rematch with undisputed champion cha ntelle cameron. hello again. welcome along to the programme. serbia have knocked great britain out of the davis cup, with novak djokovic dealing the final blow in the competition's quarterfinals in malaga. afterjack draper lost the opening rubber to miomir kecmanovic, the world number one beat cameron norrie to take his country into the last four. joe wilson was watching. you could focus on the missing men — no murray, nor evans — but this was a talented team for great britain. against serbia, jack draper was playing kecmanovic, not djokovic.

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